AUDUSD Daily Analysis – March 13, 2017

AUDUSD remains in downtrend from 0.7740, the rise from 0.7490 is likely consolidation of the downtrend. Resistance is now at the top of the price channel on 4-hour chart. As long as the pair is in the channel, the downtrend could be expected to continue, and next target would be at 0.7400 area. Only a clear break above the channel resistance could signal completion of the downtrend.